Rima Alameddine Sells Shares of IonQ, Inc.

On October 28th, Rima Alameddine, the Chief Revenue Officer (CRO) of IonQ, Inc. (NYSE:IONQ), sold 22,875 shares of the company's stock. The shares were sold at an average price of $17.75, resulting in a total transaction value of $406,031.25. After this sale, Alameddine retained 592,658 shares in IonQ, which are valued at approximately $10,519,679.50. This transaction marked a minor change in ownership, reflecting a 0.00% decrease in her position.

This sale was reported in a filing with the Securities & Exchange Commission, which is publicly accessible.

In addition to this recent transaction, Rima Alameddine has made several other notable trades involving IonQ stock:

• On October 23rd, 12,000 shares were sold at an average price of $15.72, totaling $188,640.00.
• On October 18th, 11,375 shares were sold at an average price of $13.72, for a total amount of $156,065.00.
• On October 16th, 9,875 shares were disposed of at an average price of $11.72, resulting in $115,735.00.
• On October 14th, 9,159 shares were sold at an average price of $10.72, bringing in $98,184.48.
• On October 11th, a smaller sale of 716 shares occurred at an average price of $10.72, yielding $7,675.52.

IonQ's Stock Performance

IonQ's stock saw a slight increase of 0.7%, trading up by $0.12 to reach $16.87 on a recent trading day. The volume of shares traded was significantly high at 23,647,914, far exceeding the average volume of 6,966,911. Over the past year, IonQ has experienced fluctuations with a low of $6.22 and a high of $18.20. The company's market capitalization stands at $3.61 billion, with a P/E ratio of -21.35 and a beta of 2.05. Current moving averages are $9.70 over 50 days and $8.52 over 200 days.

Quarterly Earnings Overview

IonQ last reported its quarterly earnings on August 7th. The report detailed earnings per share (EPS) at ($0.18), which was better than the market expectation of ($0.22) by $0.04. The company's revenue for the quarter reached $11.38 million, surpassing analysts' expectations of $8.66 million. Noteworthy is the fact that IonQ's revenue grew by 106.4% year-over-year despite a negative return on equity of 34.02% and a negative net margin of 525.13%. Analysts are forecasting an EPS of -0.84 for the current fiscal year.

Institutional Investor Activity

Recently, various hedge funds and institutional investors have adjusted their stakes in IonQ. Notably, Oppenheimer & Co. Inc. raised its holdings by 4.0%, acquiring 1,400 additional shares during the last quarter, bringing their total ownership to 36,495 shares valued at $365,000. Arizona State Retirement System also increased their holdings by 3.6%, now owning 49,550 shares worth $348,000. ProShare Advisors LLC upped their stake by 10.5%, and Quest Partners LLC dramatically boosted their holdings by 4,824.2%. Principal Financial Group Inc. also raised its share count by 40.6%. Currently, institutional investors and hedge funds own 41.42% of IonQ's stock.

Analyst Ratings and Price Targets

Analysts have issued varied price targets for IonQ. Craig Hallum downgraded their target price from $21.00 to $15.00 while maintaining a "buy" rating. Needham & Company LLC also reiterated a "buy" rating with a target price of $13.00. In contrast, The Goldman Sachs Group reduced their price target from $11.50 to $8.00 with a "neutral" rating, while Benchmark cut their target from $16.00 to $12.00, also maintaining a "buy" rating. According to MarketBeat data, IonQ has an average rating of "Moderate Buy" among analysts with a consensus target price of $12.00.

Company Background

IonQ, Inc. is at the forefront of developing general-purpose quantum computing systems in the United States. The company provides access to its quantum computers through cloud platforms, including Amazon Web Services (AWS), Microsoft Azure Quantum, and Google's Cloud Marketplace.

Conclusion

The recent stock activities by Rima Alameddine and the overall performance of IonQ paint a picture of a company that is actively engaged in the evolving field of quantum computing. With substantial quarterly revenue growth and varied analyst ratings, IonQ remains a focal point for investors monitoring advancements in the tech sector.

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